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Jiangsu Horizon Chain (2625) Fair Value & Analysis

Consumer Cyclical · HK · Market cap HK$549M

JH Jiangsu Horizon Chain 2625 · HK
PriceHK$2.10
Fair ValueHK$3.50
Upside+67.1%
Quality32/100
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Expensive Growth
Thin margins · 2.4% net margin
Low debt · negative free cash flow
Ranks above peers (10/12)
Narrow moat 28/100
Evidence: High Range HK$2.98 – HK$3.85 Share as image

Fair value as of: Aug 13, 2026

From 15 valuation models · updated 3 days ago

Share price −12.0% over the past month.

Below-average quality, screening 67% undervalued on our models.

What matters now

  • The large discount to fair value meets weak quality (32/100). That raises the risk this is a value trap rather than a bargain.
  • The price is below even our cautious bear case (HK$2.98). The market is more pessimistic than our downside scenario.
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Price vs Fair Value (16 months)

HK$8.05 HK$2.00 Fair Value HK$3.50 Mar 2025 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 13, 2026.

How to read this chart

16‑month range HK$2.00 – HK$8.05 · fair‑value band HK$2.98 – HK$3.85 · the HK$2.10 price screens below the HK$3.50 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Aug 13, 2026.

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Analysis

Jiangsu Horizon Chain (2625) currently trades at HK$2.10, while our model-based Fair Value estimate is HK$3.50, implying the stock looks roughly 67.1% undervalued today. The Quality Score stands at 32/100 (below-average quality), in the Consumer Cyclical sector. Bull case: trading below our estimate, it may offer upside if the fundamentals hold. Bear case: a low price can be a value trap when quality is weak or the data is thin (evidence: high), always confirm before acting.

Over the trailing twelve months, Jiangsu Horizon Chain generated revenue of HK$1.5B at a net margin of 2.4%. Revenue grew 11.9% year over year. It earns a return on equity of 6.0%. Net debt stands at HK$361M. Fundamentals as of Aug 13, 2026

Our scenario range runs from HK$2.98 (bear case) to HK$3.85 (bull case); at HK$2.10, the current price sits below that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 76% below its 52-week high and 4% above its 52-week low, currently below its 200-day average. For context, the median of 10 Consumer Cyclical peers we cover trades at 25% fair-value upside, at 67%, 2625 screens cheaper than that median.

Fair Value models

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small.

Model Bear Bear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull Bull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. Evidence
Highest evidence
ROIC Compounder HK$2.88 HK$3.21 HK$3.61 72
Growth-Adj P/E HK$2.01 HK$2.87 HK$3.73 68
P/E Multiple HK$2.56 HK$3.42 HK$4.27 63
All 15 models by family
DCF Models
Owner Earnings HK$3.74 HK$4.89 HK$6.37 31
Earnings-Based
Graham-Dodd HK$1.06 HK$2.83 HK$3.70 54
Lynch FV HK$0.5500 HK$0.7900 HK$1.02 50
PEG = 1.0 HK$0.5500 HK$0.7900 HK$1.02 46
EPV HK$2.88 HK$3.17 HK$3.41 59
Multiples
P/E Multiple HK$2.56 HK$3.42 HK$4.27 63
P/S Multiple HK$1.98 HK$2.64 HK$3.30 58
P/B Multiple HK$1.98 HK$2.64 HK$3.30 55
EV/EBIT HK$5.28 HK$6.78 HK$8.28 53
EV/EBITDA HK$6.52 HK$8.43 HK$10.35 54
EV/Revenue HK$3.81 HK$5.11 HK$6.41 43
Asset-Based
NCAV (Graham) HK$1.53 HK$2.05 HK$3.06 50
Economic Profit
Residual Income HK$2.21 HK$2.18 HK$1.94 61
ROIC Compounder HK$2.88 HK$3.21 HK$3.61 72
Growth Earnings
Growth-Adj P/E HK$2.01 HK$2.87 HK$3.73 68

Widest divergence: DCF Models (HK$4.89) versus Earnings-Based (HK$0.7900). Highest evidence: ROIC Compounder (72).

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Key figures & financial health

Revenue (TTM) HK$1.5B
Revenue growth (YoY) +11.9%
Net margin 2.4%
Return on equity 6.0%
Free cash flow −HK$108M FY2025
P/E ratio 11.1 as of Jul 2, 2026
More key figures
Operating margin 6.3%
EPS (TTM) HK$0.0700
EPS growth (YoY) -53.4%
Net debt HK$361M FY2025

Figures from reported company fundamentals · as of Aug 13, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 32/100

Of which business quality 33 · Market factors (momentum, volatility) 4

Profitability 34
Margins and returns on capital today
Quality Growth 35
Are margins and returns improving?
Cashflow 0
Earnings quality: real cash, not paper profit
Fin. Strength 61
Balance sheet, leverage, solvency risk
Investment 51
Disciplined investing over empire-building
Low Volatility 0
Calm price path (market factor)
Momentum 7
Price trend over the last 3–12 months (market factor)
52W Momentum 3
Distance to the 52-week high (market factor)
Net Issuance 25
Buybacks instead of dilution

Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.

About the company

Jiangsu Horizon Chain Supermarket Company Limited engages in the retail operation of supermarket and convenience stores under the Hongxinlong brand in the People's Republic of China.

Full company description

Jiangsu Horizon Chain Supermarket Company Limited engages in the retail operation of supermarket and convenience stores under the Hongxinlong brand in the People's Republic of China. The company sells grains and oil and food and other products; garment and wooden products; household and non-staple food products; and fashion and apparel, children's wear, cosmetics and personal care, jewelry, footwear, household appliances, consumer electronics, liquor, and miscellaneous products, as well as accessories. It is also involved in the operation of retail stores, shopping malls, and central kitchen; supply and sale of meals; and lease of shop floor area or shop premises, including restaurants, hotels and pharmacies, etc. Jiangsu Horizon Chain Supermarket Company Limited was founded in 1994 and is headquartered in Yangzhou, China.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Jiangsu Horizon Chain reported revenue of HK$1.5B in FY2025 versus HK$1.4B in FY2021, a compound +1.9%/yr. Reported net income was HK$36.6M in FY2025, compounding +0.4%/yr from FY2021.

Growth Quality 37/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Latest Revenue (FY 2025)
HK$1.5B
Latest YoY
+14.3%
Avg. growth/yr (3Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+5.1%
Revenue +1.9%/yr
FY21 HK$1.4B
FY22 HK$1.3B
FY23 HK$1.4B
FY24 HK$1.4B
FY25 HK$1.5B
Net income +0.4%/yr
FY21 HK$36.1M
FY22 HK$50.0M
FY23 HK$266M
FY24 HK$42.7M
FY25 HK$36.6M

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Cite: Fair Value Calculator (2026). "Jiangsu Horizon Chain Fair Value". https://www.fairvalue-calculator.com/stock/2625

Peer Group

Department Stores · 127 stocks

How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.

Quality Score 32 · Bottom 25%
Fair Value upside +67% · Top 25%
Return on equity (TTM) 6% · Above median
Return on assets 3% · Above median
Net margin (TTM) 2% · Above median
Operating margin (TTM) 6% · Below median
Revenue growth 12% · Top 25%
Debt / equity 0.08× · Lower than median

Valuation Multiples vs Department Stores median · lower = cheaper

P/E (TTM) 11.1× · Cheaper than 75% of peers
P/B 0.76× · Cheaper than median
P/S (TTM) 0.36× · Cheaper than median
EV/EBITDA 3.0× · Cheaper than 75% of peers

Snowflake

Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.

VALUE 100 · sector 25
FUTURE 60 · sector 2
PAST 24 · sector 15
HEALTH 96 · sector 96
DIVIDEND 0 · sector 44

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.

Similar stocks

10 more Department Stores stocks, each showing price versus our Fair Value estimate (as of Aug 13, 2026).

Stock Price Fair Value vs Fair Value
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El Puerto de Liverpool, S.A. LIVEPOLC1 99.62 MXN 220.59 MXN +121%
99 Speed Mart Retail Holdings 5326 3.65 MYR 1.59 MYR -56%
Cencosud S.A CENCOSUD 1,949 CLP 2,425 CLP +24%
Vishal Mega Mart Limited VMM ₹107.00 ₹30.46 -72%
SHINSEGAE Inc 004170 399,000 KRW 177,841 KRW -55%
Organización Soriana, S. A. B. de C. V., SORIANAB 30.04 MXN 54.64 MXN +82%
Lotte Shopping Co 023530 97,300 KRW 76,636 KRW -21%
La Comer, S.A. LACOMERUBC 34.37 MXN 44.99 MXN +31%
Lojas Renner S.A LREN3 R$11.74 R$33.36 +184%

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Frequently asked questions

Is Jiangsu Horizon Chain (2625) overvalued or undervalued?
As of Aug 13, 2026, our model estimates a fair value of HK$3.50 versus a price of HK$2.10, about +67% (undervalued).
What is the fair value of 2625?
Our model-based fair value for Jiangsu Horizon Chain is HK$3.50 (as of Aug 13, 2026), built from audited fundamentals. The current price is HK$2.10.
What is the quality score of 2625?
Jiangsu Horizon Chain has a Quality Score of 32/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the revenue of Jiangsu Horizon Chain (2625)?
Jiangsu Horizon Chain reported trailing-twelve-month revenue of about HK$1.5B (latest available figure, as of Aug 13, 2026).
What is the net profit margin of 2625?
The net profit margin of Jiangsu Horizon Chain is about 2.4%, meaning it keeps roughly 2.4% of revenue as net income. Based on the latest reported figures.

How we calculate Fair Value

Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.

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